On-Chain Update: Bullish Indicators Despite Price Dips
Despite the recent bitcoin sell off, there are several very bullish on-chain indicators showing HODLers are accumulating through this dip.At the time of this writing, bitcoin’s price is in the midst of a consolidation that has lasted almost two weeks, currently sitting at $47,200. One of the most important data points that can be used to generally call bottoms of corrections is the spent output profit ratio (SOPR) metric. This measures profit-taking, with 1.00 essentially marking the break-even point. In bitcoin bull markets, SOPR rarely dips below 1.00 and if it does, this can indicate a....
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On-chain data suggests that Bitcoin is staging a recovery like in December 2018 and March 2020. Bitcoin (BTC) is still below a key moving average and that is "not a bullish sign," says a new report, but signs of a rebound have finally arrived.In its latest market update released on June 11, trading suite Decentrader highlighted three on-chain indicators calling for an imminent bullish continuation for BTC/USD.Indicators echo March 2020 aftermathBitcoin has now spent almost a month below its 200-day moving average (DMA). This is concerning, Decentrader warns, and external factors such as....
The Bitcoin 20 DMA seems to have just crossed with the 50 DMA, here is how it might be bullish for the cryptocurrency. The Bitcoin Bullish Crossover As pointed out by a BTC technical analyst on Twitter, two important indicators of the cryptocurrency have just had a crossover. The two metrics are the 20 daily-moving average (DMA) and the 50 DMA. Before looking at the data, it’s best to first get a grasp of both these indicators. Moving averages (MA) help smooth out the price data for Bitcoin as they take averages of the price over a specific period and constantly update or....
Both Bitcoin's technicals and analysis of on-chain indicators are "wildly bullish," says Vailshire Capital Management, with BTC/USD reaching three-day highs. A fresh Bitcoin (BTC) breakout is "imminent" and most likely to the upside, hedge fund Vailshire Capital Management says.In a tweet on Jan. 19, Jeff Ross, the firm's founder and CEO, described the outlook for BTC performance as "wildly bullish."Vailshire Capital 'steadfastly long' BTCUsing a combination of on-chain metrics and macro insight, Ross highlighted an upcoming end to the ranging and conolidation seen in the Bitcoin price....
In the latest edition of Capriole Investments’ “Bitcoin Update,” Charles Edwards, founder and CEO, examines the current state of Bitcoin through a detailed analysis of thirteen on-chain indicators to address the critical question: Is the Bitcoin cycle top in? A month after a promising technical breakout above $65.5K, which briefly touched $70K, Bitcoin experienced a […]
As Bitcoin's price shows new signs of bullish momentum, data from various on-chain indicators suggests that the current sell-off is reaching an end. Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000.The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication....